United Medical Credit loan review: A lender network for medical loans

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In a Nutshell

United Medical Credit connects you to medical lenders that allow people to pay off medical bills over time. But your doctor won’t necessarily accept this financing, and you won’t know your potential rate until you apply.

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Pros Cons

May be able to qualify with good or bad credit

You won’t have an idea of your potential rate until you apply

Can apply with a co-signer

Your doctor will likely have to participate in United Medical Credit’s program for you to qualify

Lets you apply with multiple lenders at once

Not a direct lender


What you need to know about a personal loan from United Medical Credit

United Medical Credit is a medical loan network that tries to connect you with lenders to finance your healthcare bills. You can apply on its website for loans between $1,000 and $35,000. That process can be helpful if you want to shop multiple lenders with one application. The downside is that there’s less transparency in the process because you’re not applying directly with a lender.  

Available for many types of medical procedures

United Medical Credit can help finance a number of different procedures — from plastic surgery to fertility treatments.

But there’s a good chance your doctor of choice will already have to work with one of United Medical Credit’s lending partners for you to qualify. And you won’t know this information before you apply, because the website doesn’t list participating practices and providers.

Accepts applicants with a range of credit profiles

Having less-than-perfect credit won’t necessarily disqualify you from getting a loan through one of United Medical Credit’s partners. The company notes that you may qualify with good credit, “subpar” credit or no credit and that minimum credit requirements differ based on the lender.

But keep in mind that if you have bad credit, your interest rate may be high. United Medical Credit lets you apply with a co-applicant though, which may help you get approved or qualify for a lower rate.

Lack of transparency about potential rates

Since United Medical Credit doesn’t share its lending partners’ interest rates before you apply, it’s not easy to figure out what the costs could be for personal loans through its site. For instance, it doesn’t post partner loan rate ranges, so it’s difficult to say if they’re competitive unless you apply.

If you apply, you should hear back by the next business day if you’re matched with a lender. You can then decide whether to accept those terms and proceed.

A closer look at United Medical Credit loans

If you’re considering applying for a medical loan through United Medical Credit, here are a few more things you’ll want to know.

  • Lenders may check your credit reports — If you apply through United Medical Credit, you’ll have to give permission for the company to pull your credit reports. That may lead to a hard inquiry, which can affect your credit scores.
  • Funding — If you take out a loan, United Medical Credit’s lending partners may disburse the funds directly to your medical provider for payment or to you to handle the bill on your own.
  • May not be approved for the full amount — If you qualify for a loan that’s less than what you requested, you can decide whether to accept the offer.

Who is a United Medical Credit loan good for?

If you want to spread out payments for a medical procedure over time, applying for a loan through United Medical Credit is an option worth exploring. But because potential interest rates and fees aren’t posted on its site, you may want to consider other options — like a medical credit card with a lower interest rate or a healthcare lender with more-transparent terms.

Before you jump into financing, talk to your doctor first to see if you can work out an installment payment plan and avoid taking out a loan. Some hospitals also have financial assistance programs that could help you cover the cost of your procedure.

How to apply with United Medical Credit

To apply with United Medical Credit, you’ll have to fill out some basic information.

  • Name
  • Amount requested
  • Service type (i.e. dental or dermatology)

If the person receiving the medical services is at least 18, you’ll have to list them as the applicant. But you can add a second applicant, too.

Make sure to review your loan terms carefully if you receive an offer. Think about terms such as interest rate, fees and loan term, as well as how the payments may fit into your monthly budget.

Not sure if United Medical Credit is right for you? Consider these alternatives.

  • CareCredit: CareCredit offers a medical credit card with promotional financing offers to help you save on interest payments. You can quickly check its website to see if your provider accepts the card.
  • Prosper Healthcare Lending: Medical loans from this peer-to-peer lender are available for dental procedures, bariatric surgeries, cosmetic surgery and fertility treatments.  

About the author: Erin Dunn is an editor at Credit Karma who specializes in personal loans and is passionate about financial literacy and budgeting. She’s an award-winning business journalist and editor w… Read more.